Submarine Battery Market Size Overview:
From the recent research reports, the Submarine Battery Market Size is foreseen to grow in terms of value up to USD 1.33 billion by 2027 with an attractive compound annual growth rate (CAGR) of 5.45%.
The global submarine battery market witnesses substantial traction, mainly due to the rising uses of these batteries in civil and military marine industries. Navy submarines operate for up to two weeks without having to surface to recharge their batteries. Frequent surfacing makes submarines vulnerable to enemy radar detection, which easily tracks submarine masts or snorkels protruding out of the water.
This vulnerability is a major driving force allowing submarine batteries to garner significant market prominence. Moreover, the spurring rise in the commercial marine industry escalates the market demand.
Rising numbers of submarines imperative in combat, surveillance, counter-surveillance, and other underwater missions accelerate the market growth. Additionally, substantial investments made by the governments to strengthen the O&G and marine sectors boost the growth of the market.
The growing demand for advanced submarine power systems and the increased need for marine surveillance foster market growth. Furthermore, the rising uptake of submarines due to the increased demand for maritime surveillance and rising terrorism bolster the market growth.
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Scope Of Submarine Battery Industry Ecosystems
| Revenue Growth Rate (CAGR) by 2030 | 5.45% |
| Market Growth Forecast | 2023 - 2030 |
| Emerging Market Segments | by Type (Valve-regulated Lead Acid Batteries, Flooded Lead Acid Batteries, and others), Application (Civil and Military) |
| Market Survey Data | Recession Impact, Pricing Analysis, Patent Analysis, Value Chain Analysis, Policy and Regulations, Disruptions And Trends, Supply And Demand Trends, International Competition and others. |
| Market Opportunity & Predictions in | Asia-Pacific |
| Product Mapping by Regions | Rest of America, US, Canada, Mexico, Brazil, Argentina, Germany, UK, Russia, Italy, Rest Of Europe, China, Japan, India, South Korea, Rest Of Asia-Pacific, Saudi Arabia, UAE, Iran, Qatar, Rest Of The Middle East, South Africa, Nigeria, Rest Of Africa, ROW |
Global Submarine Battery Market Size - Competitive Landscape
Highly competitive, the submarine battery market appears fragmented, with several well-established players forming a competitive landscape. Industry players make substantial investments to expand their production capacities, distribution network, and supply chain. Gaining strong financial support has become the sole strategy of suppliers to sustain in the market. Manufacturers strive to reduce production costs by adopting cost-effective manufacturing techniques.
Global Submarine Battery Market Size – Segmentation
The submarine battery market analysis is segmented into type, application, and region. The type segment is sub-segmented into valve-regulated lead-acid batteries, flooded lead-acid batteries, and others. Among these, the valve-regulated lead-acid batteries segment grows at a higher CAGR as these batteries are rechargeable.
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The application segment is sub-segmented into civil and military. Among these, the military segment holds the largest market share owing to increasing spending by naval sectors of different countries, including China, the US, and India.
Global Submarine Battery Market Size - Regional Analysis
The Asia Pacific region dominates the global submarine battery market. The largest market share attributes to the growing technological advancements made in major APAC countries. Additional factors bolstering the regional market growth include the growing demand for uninterrupted power supply and the rapidly rising renewable industry in the region.
The increasing demand for submarine batteries in oil and gas operations in the region influences the market growth. Moreover, increasing naval investments and increasing military budgets in the region impact market growth positively. Also, growing investments in various military and commercial submarine battery applications foster regional market growth.
Europe stands second in the global submarine battery market. The market growth is driven by large budgets to improve battleships' technology. The growing market demand due to the burgeoning marine industry and the rising offshore wind power generation projects substantiate the region's market share. The UK, France, and Germany are major markets for submarine batteries.
The North American submarine battery market is growing rapidly, mainly due to the huge demand for nuclear-powered submarines and advanced combat technologies. Additionally, rising naval fleet upgrade and modernization in Canada boosts the region's market size. With the presence of ballistic missile submarines, the US accounts for the largest share in the regional market.
Industry/ Innovation/ Related News
March 24, 2021 ---- The Japan Maritime Self-Defense Force (JMSDF) announced commissioning its 12th and final Soryu-class diesel-electric attack submarine (SSK) in Kobe, Hyogo Prefecture. The JMSDF held the Ship Commissioning ceremony of the submarine TORYU at Kawasaki Heavy Industries, Ltd. The project of the first submarine in the class, Soryu (SS-501), was laid down in March 2005. The design features improved underwater endurance thanks to lithium-ion batteries from the eleventh submarine in the class.
Major Players
Players operating in the global submarine battery market include Exide Technologies (US), Enersys (US), Everexceed (China), Korea Special Battery Co. Ltd. (South Korea), Gs Yuasa (Japan), Systems Sunlight Sa (Greece), HBL (India), Zibo Torch Energy Co. Ltd. (China), Epsilor (Israel), Kokam (South Korea), and Champion Storage Battery Company Limited (China), among others.
Some of the Key Evaluation Pointers of Submarine Battery Market Report Data 2023:
- Emerging Markets
- Developed Markets
- Market Growth Forecast
- Market Entry Strategies
- Emerging Markets Outlook
- Market Survey Data
- Vendor Share Research
- Vendor Strategies
- Vendor Assessment
- Market Share By Company
- Regional Footprint
- Market Regional Statistics
- Market Share Data
- Market Share By Region
- Market Regional Expansion
- Market Regional Assessment
- Export, Import Data, And Market Share
- Volume/Value, Future Growth Potential
- Long Term (~10 Years) Price Outlook
- Future Business Outlook and many more.
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